For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Rane (Madras) - Outcome of Board Meeting

By Religare
|

Rane (Madras) Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 28, 2013, have considered and approved a proposal for the amalgamation of Rane Diecast Limited ("RDL" or "the transferor company") with Rane (Madras) Limited ("RML" or "the Company" or "the transferee company) and their respective shareholders.

The proposal would be implemented by a Scheme of Amalgamation ('the Scheme") under the provisions of Section 391-394 of the Companies Act, 1956, which provides for:

(i) Amalgamation of Rane Diecast Limited having its registered office at "Maithri", No. 132, Cathedral Road, Chennai - 600 086, Tamil Nadu with Rane (Madras) Limited having its registered office at "Maithri", No.132, Cathedral Road, Chennai - 600 086, Tamil Nadu;

(ii) In consideration for the transfer of and vesting of assets and liabilities of RDL as above, RML would issue:

a. 1 (one) fully paid up equity share of Rs.10/- (Rupees Ten only) each of the Transferee Company for every 30 (thirty) fully paid-up equity shares of Rs. 10/-(Rupees Ten Only) each, held by the shareholders in Transferor Company.

b. 82,32,164 fully paid-up 6.74% Cumulative Redeemable Preference Shares of Rs. 10/- (Rupees Ten only) each of the Transferee Company against 60,00,000 fully paid-up 9.25% Cumulative Redeemable Preference Shares of Rs. 10/- (Rupees Ten Only) each, held by the shareholders in Transferor Company.

(iii) Post amalgamation, the shares of Rane (Madras) Limited would continue to be listed on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited;

The above proposal is subject to satisfaction of various conditions, including obtaining necessary approvals from the shareholders, creditors and regulatory authorities including Securities-and Exchange Board of India (SEBI), Stock Exchanges under the Listing Agreement, and sanction of the Scheme by the High Court of Judicature at Madras.

The Company has issued a copy of the press release being issued in connection with the above proposal.















Read more about: rane madras
Story first published: Friday, June 28, 2013, 22:54 [IST]
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more